EFES NEWSLETTER - ABRIL 2015
governments bet again on employee ownership
table of all recent policy decisions regarding employee
share ownership in European countries reveals a remarkable
shift. At the beginning of the financial crisis, several
countries took negative decisions to reduce their expenses,
in a pure short term vision. This bad signal came first
from France, followed by Greece, Denmark, Ireland and
The Netherlands, between 2009 and 2012.
2012, most political decisions are positive again, as
in the UK, in Spain, in Hungary, and in Austria where
tax incentives will be doubled. Details
New study finds ESOPs total return beats S&P
500 by 62%
A new analysis of the economic impact of S corporation ESOPs in
USA examines trends in account balances, distributions
to participants, total return, and the existence of other
retirement plans. The study, performed by EY's Quantitative
Economics and Statistics, finds that:
S corporation ESOPs are growing by many measures.
They represented 22% of ESOPs in 2002 and 42% in 2012. The
number of plans, participants, and net assets also increased
over that time.
The total return for participants in S ESOPs
from 2002 to 2012 was an 11.5% compound annual growth rate,
62% higher than the S&P 500 Total Returns Index's 7.1%
growth rate over the same period. Details
We have a selection of 41 remarkable articles in 10 countries
in March 2015: Austria, France, Germany, Indonesia, Italy,
Netherlands, Slovenia, Spain, UK, USA.
Austria: Voestalpine expands employee shareholding
scheme to 14.9%. Austrian Government annouces fiscal incentives
will be doubled in 2016.
France: Many press comments about the EFES Annual
Survey of employee ownership in 2014. New employee share
plans for Solocal, for Plaimont, for Airbus, maybe for Charlie
Germany: The German Share Institute (DAI) points
out the dramatic drop in the number of employee shareholders
in Germany. "It's time for policy action!"
Indonesia: Employee ownership could be a solution
to overcome economic inequality.
Italy: Italian Senate Committee for Employment approves
a new draft legislation for employee share ownership and
Netherlands: Employee share ownership in start-ups
should be promoted through fiscal incentives.
Slovenia: The new Government will promote employee
ownership as a solution for privatisation.
Spain: Employee-owned "sociedades laborales"
are recovering in the Basque Country.
UK: John Lewis employees will receive their
lowest bonus for 12 years after the partnership cut the
annual payout for its 93,800 staff to 11% of salary. However,
thanks to new legislation, this year no employee will pay
tax on their bonus up to £3,600. Labour's plan to force
companies to share their profits.
USA: Why ownership is now a favorite employee benefit.
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